FinTech - Vietnam - Tracxn Geo Annual Report - 2023

TRACXN GEO ANNUAL REPORT
FINTECH - VIETNAM 2023

Contents
Snapshot
Investments
Investors
Exits
New Unicorns
Citywise Trends
News
Appendix
Geo Annual Report - FinTech - Vietnam - 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Contents
Snapshot Snapshot
Investments
Investors
Exits
New Unicorns
Citywise Trends
News
Appendix
FinTech - Vietnam Snapshot - 2023
FinTech - Vietnam All time Stats
$35.3M (vs $227M, Summary
▼84%) 8 (vs 17,▼52%) 5 (vs 8,▼37%) 4 (vs 7,▼42%) All Companies 505
$ Funding # Funding rounds Series A+ rounds First Time Funded Funded Companies 60
Companies
Total Funding $2.2B
Funding in last 24 months $263M
- (vs 1,▼100%) - (vs -) 1 (vs 0) - (vs 0) Cumulative Valuation of all

Unicorns
$10.0B
New additions to New Unicorns Acquisitions IPOs Exits

Soonicorn Club
Acquisitions 9
IPOs -
Companies Covered
Top Funding Rounds Top Feeds Top Cities Unicorns 5
Company Round Details Feed $Funding City $Funding Soonicorns -
Gimo Minicorns 9
(2019, Hanoi)
$12.0M - Series A Alternative Lending $17.1M Hanoi $18M
Editor’s Pick 54
Timo
(2015, Ho Chi Minh City)
$10.0M - Series B Banking Tech $10.0M Ho Chi Minh City $17M Series A+ 23
MFast Series C+ 3
$6.0M - Series A Insurance IT $6.0M
(2017, Ho Chi Minh City) Acqui-Hires 4
Gimo
$5.1M - Series A Investment Tech $2.2M Deadpooled 76
(2019, Hanoi)
Oxalus Hanoi ($1.2B)
$1.1M - Seed Decentralized Finance $1.1M Top Cities Ho Chi Minh City
(2022, Hanoi)
($685M)
*Data till 29-Dec-2023 is considered in report Note: Numbers in bracket indicate the values of 2022
4 Geo Annual Report - FinTech - Vietnam - 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Contents
Snapshot
Investments Y-o-Y Funding Trends
Investors Y-o-Y Stage-wise Funding Trends
Exits Top Funding Rounds in last year
New Unicorns Top Funded Business Models - last 1 year
Citywise Trends
News
Appendix
Y-o-Y Funding Trends
Top Funding Rounds in last 8 years
Company Funding Round
VNPAY
(2007, Hanoi)
$300M - Series B
VNLIFE
(2007, Hanoi)
$300M - Series B
VNPAY
(2007, Hanoi)
$250M - Series B
VNLIFE
(2007, Hanoi)
$250M - Series B
MoMo
$200M - Series E
Sky Mavis
(2019, )
$152M - Series B
Axie
$152M - Series B
Sky Mavis
(2019, )
$150M - Series B
MoMo
$ Funding (3y) CAGR = -700% (2007, Ho Chi Minh City)
$100M - Series D
MoMo
$ Funding (5y) CAGR = +133% (2007, Ho Chi Minh City)
$100M - Series C
Note: Funding includes only Equity Funding. It excludes Debt, Grant, Post-IPO and ICO funding.
Y-o-Y Stage-wise Funding Trends
Stage-wise $ Invested Stage-wise Number of Rounds
$3.0M $705M $500K $1.2B $227M $35.3M 3 11 5 33 17 8
Seed Early Stage Late Stage Total Funding Seed Early Stage Late Stage Total Rounds
Note: Seed includes Seed, Angel rounds. Early Stage includes Series A,B rounds. Late Stage includes Series C+, PE, Pre-IPO rounds.
Top Funding Rounds in last 1 year
Company $ Amount Round Date Investors
Gimo (2019, Hanoi, $19.0M) $12M Series A Jul 2023 Y Combinator, Genting Ventures, TNB Aura, +5 more
Timo (2015, Ho Chi Minh City, $30.0M) $10M Series B Jul 2023 -
MFast (2017, Ho Chi Minh City, $10.0M) $6M Series A Aug 2023 JAFCO Asia, Headline, Wavemaker Partners, +3 more
Gimo (2019, Hanoi, $19.0M) $5M Series A Jan 2023 Y Combinator, TNB Aura, Integra Partners, +3 more
Oxalus (2022, Hanoi, $1.1M) $1M Seed Jun 2023 Kyber Ventures, IDGCVB
STAG (2022, Ho Chi Minh City, $600K) $600K Seed Jul 2023 VCAM, Resolution Ventures
Wiziin (2020, Ho Chi Minh City, $500K) $500K Seed Aug 2023 -
Saladin (undefined - Series A Sep 2023 Peak XV Partners, Venturra Capital, Patamar Capital, +1 more
Top Funded Business Models - last 1 quarter
Rank Business Model $ Funding # Rounds Top Funding Round
Gimo
1 ▲14 Employee Benefits Software $17.1M 2
$12.0M - Series A
MFast
2 ▲26 Marketing Solutions for Insurance Agents $6.0M 1
$6.0M - Series A
Oxalus
3 -- NFT Marketplace $1.1M 1
$1.1M - Seed
* Rank is based on $Invested in last 1 quarter in the Business Model. ▲- Indicates change in Rank from previous quarter.
Contents
Snapshot
Investments
Investors Y-o-Y Investors
Exits Y-o-Y Global Investors
New Unicorns
Citywise Trends
News
Appendix
Y-o-Y Investors
Y-o-Y # of unique Institutional Investors in FinTech - Vietnam Top Institutional Investors in FinTech - Vietnam 2023
Stage Investor name # Investments in 2023
Y Combinator 1 ( -- )
Seed Stage Resolution Ventures 1 ( -- )
ThinkZone 1 ( -- )
Peak XV Partners 1 ( -- )
Early Stage JAFCO Asia 1 (▼50%)
Patamar Capital 1 ( -- )
# First Time Investors (2Y) CAGR = -72%
# First Time Investors (4Y) CAGR = +46%
First-time Investors Existing Investors

Note: First-time investors and Existing Investors are calculated from the available Equity Funding Rounds on Tracxn Platform. 1.The numbers in bracket correspond to the change
from 2022.
Y-o-Y International Investors
Y-o-Y # of unique Global Institutional Investors in FinTech - Vietnam Top International Investors in FinTech - Vietnam 2023
Stage Investor name # Investments in 2023
Y Combinator 1 ( -- )
Seed Stage Resolution Ventures 1 ( -- )
Kyber Ventures 1 ( -- )
Peak XV Partners 1 ( -- )
Early Stage JAFCO Asia 1 (▼50%)
Patamar Capital 1 ( -- )
International Investors
Note: International Investors are the investors who are based outside of the Geo mentioned in the report. 1.The numbers in bracket correspond to the change from 2022.
Most Active Investors: Accelerators & Incubators
# Overall # Investments in
# Investor Name Country Notable Portfolio Investments in Geo*
investments Geo* - 2023
1 Y Combinator United States 4606 1 Gimo ($19.0M)
2 ThinkZone Vietnam 14 1 Gimo ($19.0M)
Note: *Geo = Vietnam finTech. The number in bracket refers to the total funding raised by the company.
Most Active Investors: VC - Seed
1 Resolution Ventures Singapore 8 1 Gimo ($19.0M), STAG ($600K)
2 VCAM Vietnam 11 1 STAG ($600K)
3 Kyber Ventures Singapore 36 1 Oxalus ($1.1M)
Most Active Investors: VC - Early Stage
1 Peak XV Partners India 271 1 Saladin
2 JAFCO Asia Singapore 239 1 MFast ($10.0M)
3 Patamar Capital India 39 1 Saladin
4 Genting Ventures Singapore 18 1 Gimo ($19.0M)
5 Integra Partners Singapore 28 1 Gimo ($19.0M)
6 Krungsri Finnovate Thailand 16 1 MFast ($10.0M)
Contents
Snapshot
Investments
Investors
Exits List of Acquisitions
New Unicorns
Citywise Trends
News
Appendix
List of Acquisitions - 2023
Company Acquirer(s) Acq. Date Acq. Price
Symplefy GoLogiq Jul 2023 $30M
Contents
Snapshot
Investments
Investors
Exits
New Unicorns Unicorn Trends
Citywise Trends
News
Appendix
Unicorn Trends in 2023
FinTech - ... - 0 (vs -) - (vs -) - (vs -) - (vs -) - (vs -)
2023 (vs 2022) # Total Unicorns Avg Years from Series A Avg $ Funding before Unicorn Avg # Funding Rounds Avg Institutional Investors
to Unicorn Round Round before Unicorn Round before Unicorn Round
Global - 2023 (vs 70 (vs 283) 3.5 (vs 4.5) $261M (vs $173M) 3.7 (vs 4.4) 8.3 (vs 8.8)
2022) # Total Unicorns Avg Years from Series A Avg $ Funding before Unicorn Avg # Funding Rounds Avg Institutional Investors
to Unicorn Round Round before Unicorn Round before Unicorn Round
Note: Investors refers to Institutional Investors only. Top Investors are calculated based on investments before the Unicorn Round.
Contents
Snapshot
Investments
Investors
Exits
New Unicorns
Citywise Trends Cities by Total Funding
News Cities by Funding raised in last 2 years
Appendix
Citywise Trends - Total Funding
Distribution by Cities - Total Funding ($)
# Rounds Top Companies funded in 2023
Gimo Oxalus
3 ($12.0M) ($1.1M)
Hanoi
Timo MFast STAG

Ho Chi Minh City ($10.0M) ($6.0M) ($600K)
5
2023 Funding All time Funding
Citywise Trends - Funding raised in last 2y
Funding raised in 2 Yrs (Market Share %)
2023 2022
Rank City Top Funded Companies in 2023
# % # %
1 Hanoi $18M 52 % $31M 41 % Gimo ($12.0M) Oxalus ($1.1M)
2 Ho Chi Minh City $17M 48 % $46M 59 % Timo ($10.0M) MFast ($6.0M) STAG ($600K)
Citywise Trends - Companies Founded in last 2y
Companies Founded in 2 Yrs (Market Share %)
Rank City 2023 2022 Companies Founded in 2023
Thunderbird ...
1 Ho Chi Minh City 43 % 38 % NFT Finance - Finsey - --
-
2 Hanoi 43 % 29 % XSPACE - BridgeBot - Amnis Finance - --
Contents
Snapshot
Investments
Investors
Exits
New Unicorns
Citywise Trends
News Recent Key News
Appendix
Recent Key News (1/3)
Transactions Company Updates
● SSI Securities is about to issue shares, increasing capital to more than ● Tracxn: Vietnam's year-to-date funding falls to lowest since 2019
19,600 billion VND CafeBiz TechNode
● Collecting nearly 2.9 million shares, VNDirect became the second largest ● Blockchain.com is Now Worth Half of Its 2022 Valuation CryptoMode
shareholder of PTI CafeBiz ● Ninety Eight Unveils $25M Arche Fund Focused on Web3 Startups in Asia
● Monk’s Hill Ventures backs Vietnamese insurtech startup Saladin e27 Coinspeaker
● MFast raises Series A funds to expand nationwide, multiple China and ● MoMo and Grab Join Forces in Vietnam Marketing In Asia
SEA deals, and more KrASIA ● Fundiin Solidifies Its Position As The First And Only Buy Now Pay Later
● Wavemaker leads $6m round for Vietnamese fintech firm MFast Tech in Provider On Shopify Vietnam PR Newswire
Asia
● Gojek features GoFood on-demand delivery offering on MoMo Vietnam
● Wiziin nets US$500K for its blockchain-powered venture investment Investment Review
management platform e27 ● Axie Infinity Launches New Player Profile Module With Axie Hangouts
● GoLogiq Plans to Acquire Swedish Fintech Company, Fram Venture 7, and Feature Coincu
its Vietnamese SME-Lendin.. GlobeNewswire ● MoMo dominates Vietnam"s e-wallet market with 68 per cent share
Vietnam Investment Review
● Gimo raises an additional $12 million in Series A to empower
underserved workers in Vietnam's lab.. techloy.com ● To Axie Infinity and Beyond CoinDesk
● GoLogiq Signs to Acquire Vietnam-Based Payroll and HR Fintech ● The first blockchain game with NFT functionality has been added to the
Platform, Symplefy, for $30 Million GlobeNewswire App Store rb.ru
● Vietnam’s GIMO raises $17.1M in funding led by TNB Aura to fuel
expansion TechNode
Legal Partnerships
● Norwegian Regulator Økokrim Seizes $5.8M from Lazarus Group ● Muadee by HDBank and Payoo bring the 'Buy now, pay later' solution to
Coinspeaker millions of customers Thanh Nien
● Apeiron Announces Major Partnership With Ronin Migration PlayToEarn
● Coin98 Integrates with OPBNB smartliquidity.info
● Fundiin partners with Pharmacity to launch BNPL at a thousand

drugstores in Vietnam PR Newswire
● Cake digital bank cooperates with VinFast to support e-bike buyers
retailnews.asia
● OKX Wallet Now Integrated with Oxalus kentuckytoday.com
● Creditcoin partners with SubWallet smartliquidity.info
● Eddid Financial and Anfin Forge Strategic Partnership to Revolutionize

Fintech and Financial Serv.. PR Newswire
● Deliveroo and Gojek agree long-term partnership in Singapore to
enhance user experiences Asia Food Journal
● CyberKongz NFT Collection 'Genkai' To Develop Game With Mint On Sky
Mavis Platform THE BRIDGE
People Movement Other
● Axie Infinity’s VP for games to step down Tech in Asia ● SSI Securities Corporation Wins 'Asia Corporate Excellence and
Sustainability Award' in 2023 PR Newswire
● Nium Continues to Strengthen Leadership Team with Appointment of
Anupam Pahuja to EVP and General.. PR Newswire ● 9Pay - A Vietnamese Fintech Company Wins "TOP 10 Outstanding Brands
in Vietnam 2023" Award PR Newswire
● Bryan Carroll Steps Down as CEO of Vietnamese Digibank TNEX
FinTechnews ● VN fintech unicorn MoMo’s revenue grew 18% to top $355m in 2022
Tech in Asia
● 9Pay is honored to be in TOP 5 Favorite Payment Channels at Vietnam

Game Awards 2023 PR Newswire
● Vietnam earned-wage access firm Gimo eyes profitability by 2028 Tech in
Asia
Contents
Snapshot
Investments
Investors
Exits
New Unicorns
Citywise Trends
News
Appendix Explore more on Tracxn
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TRACXN GEO ANNUAL REPORT

FINTECH - VIETNAM 2023

- (vs 1,▼100%) - (vs -) 1 (vs 0) - (vs 0) Cumulative Valuation of all

New additions to New Unicorns Acquisitions IPOs Exits

$3.0M $705M $500K $1.2B $227M $35.3M 3 11 5 33 17 8

Seed Stage Resolution Ventures 1 ( -- )

Early Stage JAFCO Asia 1 (▼50%)

# First Time Investors (2Y) CAGR = -72%

# First Time Investors (4Y) CAGR = +46%

First-time Investors Existing Investors

Seed Stage Resolution Ventures 1 ( -- )

Early Stage JAFCO Asia 1 (▼50%)

2 ThinkZone Vietnam 14 1 Gimo ($19.0M)

2 VCAM Vietnam 11 1 STAG ($600K)

3 Kyber Ventures Singapore 36 1 Oxalus ($1.1M)

2 JAFCO Asia Singapore 239 1 MFast ($10.0M)

3 Patamar Capital India 39 1 Saladin

4 Genting Ventures Singapore 18 1 Gimo ($19.0M)

5 Integra Partners Singapore 28 1 Gimo ($19.0M)

6 Krungsri Finnovate Thailand 16 1 MFast ($10.0M)

# Rounds Top Companies funded in 2023

Timo MFast STAG

2023 Funding All time Funding

1 Hanoi $18M 52 % $31M 41 % Gimo ($12.0M) Oxalus ($1.1M)

2 Hanoi 43 % 29 % XSPACE - BridgeBot - Amnis Finance - --

● Coin98 Integrates with OPBNB smartliquidity.info

● Fundiin partners with Pharmacity to launch BNPL at a thousand

● OKX Wallet Now Integrated with Oxalus kentuckytoday.com

● Creditcoin partners with SubWallet smartliquidity.info

● Eddid Financial and Anfin Forge Strategic Partnership to Revolutionize

● 9Pay is honored to be in TOP 5 Favorite Payment Channels at Vietnam

Company Due Diligence Exits Miscellaneous

Unicorn Reports Feed Geo Reports Top Business Models in Geo

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